Huntington Bank (NASDAQ: HBAN;
) today appointed Stephen Hoffman managing director, energy banking. Hoffman will lead the expansion of Huntington’s commercial banking services for the oil, gas, coal, shale and other natural gas production industries across Huntington’s markets.
Hoffman joins Huntington from Bank of America where he spent more than 20 years leading various aspects of the organization’s energy, government and natural resources divisions, most recently as managing director.
“Stephen brings a passion for the energy sector that’s marked by a comprehensive understanding of the business cycles and financial challenges associated with alternative energy, oil, and natural gas production,” said Rick Remiker, executive vice president and managing director of Huntington’s specialty banking division. “He has the ability to consistently mobilize talent and resources for these industries. His track record to deliver a mix of compelling products has resulted in a portfolio of energy customers renowned for achieving profitable growth.”
Midwestern growth in shale and other natural gas production is expected to skyrocket over the next 25 years. In Ohio alone the 31,462 shale-related jobs in 2010 are projected to increase to 41,366 by 2015 and 81,349 by 2035 according to a study by IHS Global Insight for America’s Natural Gas Alliance.
Hoffman considers Huntington’s diverse infrastructure, expanding treasury management and capital markets offerings, market presence and depth of talent essential strengths for successfully helping energy companies prosper during this latest surge.
“Huntington is well positioned to deliver the broad range of financial expertise today’s energy companies need to weather operational challenges that can accompany rapid growth,” said Hoffman. “From investments to cash management strategies, access to capital is critical to addressing the supply and drilling workforce and related issues.”
Hoffman earned his MBA from the Boston College Carroll School of Management and bachelor’s degree in history from St. Anselm College.